Shares in electric car maker Tesla are up more than 5% this week, making its billionaire CEO and founder Elon Musk $ 12 billion richer. Musk earlier urged employees to cut transportation costs amid reports that the company will begin production at its Gigafactory in Germany in the next few days.
Tesla shares are up again, climbing more than 5% on Monday and now hovering around $ 1,137 per share.
Shares in the electric car maker rose on news that Tesla will soon begin production at its first European plant in Germany. For the company, this is a big step towards increasing production capacity.
German automotive news site Automobilwoche has announced that Tesla's new manufacturing facility in the country is expected to receive an environmental permit and begin production in the next few days.
Initially, production was scheduled to begin in the summer of 2021, but construction of the plant was delayed due to opposition from environmental activists.
Tesla previously reported that its plant near Berlin includes new manufacturing technologies, namely the company's new gigapress injection molding machine that further automates and simplifies manufacturing processes.
Shares in the electric vehicle maker also rose amid a recent note sent by CEO Elon Musk to employees over the weekend. Musk urged his employees to focus on minimizing shipping costs rather than rushing to fill orders to meet sales goals.
